The financial statements most investors rely on were built for compliance, not clarity. Markets are near record highs, and AI spending is accelerating. So what does the data actually show when you strip out the distortions?

Rob Spivey, co-founder and director of research at Valens Research, has spent years developing Uniform Accounting, a framework built to answer exactly that question. What it’s showing him right now is a market that looks very different from what most analysts are describing.

In this episode, he explains where the credit cycle actually stands, why traditional metrics are giving a misleading read, and which parts of the economy he thinks are being overlooked.

Views expressed in this video are opinions of the host and guest, and do not necessarily reflect the views of The Epoch Times.